Birmingham’s 02 Academy and a supermarket and 4 other shops in Wembley Central are set to go under the hammer on May 21st at Allsop’s commercial auction at the Park Lane Hotel.
146 lots are set to be offered on the day with a combined guide price in excess of £84m million, which is in marked contract to the last three auctions, the largest of which has totaled £53M sold.
Widely accepted as the barometer of the commercial property market, this auction is anticipated to be the focus of great attention. Well-let stock at realistic prices in strong locations will be paramount to the success on the day and will be a real test of investor confidence in the property sect.
High profile lots such as the Birmingham’s 02 Academy is expected to attract a wide range of speculators due to its prominent location in Birmingham’s city centre and high profile tenant on a long term lease. With a guide price of £2 million the lot represents significant investment potential.
The largest lot in the catalogue with a combined guide price of £7.1/7.3 million is a supermarket and 4 other shops which forms part of Wembley Central, being offered on behalf of St Modwen.
George Walker, Auctioneer and Partner for Allsop comments “We have worked hard to bring quality investment opportunities to the market at realistic prices. Our auctions are attracting strong UK and global interest as foreign investors are continuing to seek opportunity in the UK commercial property market. We expect further interest from the increasingly opportunistic Asian investors who are using the current exchange rate to the best of their advantage and we have a good range of London lots to offer them.”
Further highlights of the catalogue include:
Lot 70, a Travelodge in Leicester let at £58,000paGuide: £775/800,000
Lot 85, a long letting to Argos in Grimsby for 56 years at £130,000paGuide ££1.75M
Lot 75, a new 10 year letting to Sports Direct in Islington at £136,000paGuide £1.9/2M
Notes to editor
The Allsop Commercial catalogue will go live online on Saturday 28th April
About Allsop LLPAllsop are the UK’s leading property auctioneers raising over £644.5 million with a success rate of 86% in the last financial year.
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